A media survey The Block reveals that the Binance platform outrageously dominates the cryptocurrency market.
With ever-increasing competition among the major players in the centralized cryptocurrency exchange industry, it’s easy to forget that one of them is a cut above the rest. According to a study conducted by The Block, 55% of spot transactions go through Binance. As a reminder, spot trading means thate you buy an asset directly and it belongs to you immediately.
Important point: the data published is based on the 24 hours preceding the publication of the article, on October 24th. During this period, only three cryptocurrency exchanges exceed 5% market share. These are Upbit (6.1%), OKX (5.4%) and Coinbase (5.3%).
When it comes to derivatives trading, where assets are paid for later, the situation is hardly different. Again, Binance crushes the competition with more than 50% of transactions. However, a few other platforms manage to carve out a more or less large piece of the pie. Thus, OKX comes in second place with 14% of transactions, followed by Bybit (10.2%) and FTX (8.8%).
Binance keeps moving forward
always according to The BlockBinance’s unchallenged dominance of cryptocurrency trading volume is directly tied to its increased market share in the cryptocurrency industry. stable corners. The stable corners, or stablecoins, are cryptocurrencies whose price is pegged to a conventional currency. In other words, Binance has its own stable corner, the BUSD, which is pegged to the US dollar. However, the platform has recently converted the other stable corners in BUSD. This explains that.
While it should be remembered that this study is based on a 24-hour period, which is far too short, several sites such as CoinGecko or CoinMarketCap, however, confirm the data observed. In the end, it seems that Binance is not done growing. The platform has already obtained the approval of three European countries (France, Italy, Spain) for its registration as a cryptocurrency service provider.
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